Kubik, an environmental tech startup led by Ethiopian entrepreneur Kidus Asfaw, has successfully secured a substantial $3.34 million in funding from a consortium of investors during an oversubscribed seed round.
The funding, led by prominent investors such as Plug & Play, BESTSELLER Foundation, and GIIG Africa Fund, among others, marks a significant milestone for the company as it seeks to expand its operations across the region.
Founded in 2021 by Ethiopian entrepreneurs Kidus Asfaw and Penda Marre, Kubik was created with the mission to transform hard-to-recycle plastic waste into affordable, low-carbon building materials. The company has already made substantial strides in tackling Africa’s housing and waste challenges.
Through various initiatives on the continent, the startup has played a crucial role in building schools from plastic waste, contributing to sustainable development and environmental preservation.
With an ambitious vision to provide dignified housing for the estimated 300 million families on the continent by 2030, Kubik aims to create clean and affordable living spaces, addressing the pressing need for sustainable housing solutions.
The $3.34-million investment will enable the startup to strengthen its commitment to this cause and bolster its team as it seeks to advance its affordable housing projects across Africa.
Asfaw, the CEO of Kubik, expressed his delight in leading the company to secure this substantial funding. Asfaw, an experienced engineer and development practitioner with a rich background in product deployments across Africa, Asia, and Latin America, emphasized the transformative potential of the investment in fueling Kubik’s growth.
“We are immensely grateful for the passionate and strategic investors and partners who share our vision of providing a livable world for all,” Asfaw said. “This investment will fuel our growth and enable us to enhance our team as we continue to advance the development of affordable housing solutions across the African continent.”
Kubik’s innovative approach to recycling plastic waste and its dedication to addressing Africa’s housing and waste crises have garnered significant attention and support from investors.
The funding secured during this seed round marks a significant step forward for the environmental tech startup, reinforcing its position as a leading player in the region’s sustainable development and environmental preservation efforts.
As Kubik looks to the future with renewed determination, its efforts promise to bring transformative change to the lives of millions by providing affordable and eco-friendly housing solutions for communities across Africa.
